BANKRUPTCY FILINGS

September 3, 1990

The following firms have filed for bankruptcy protection recently with local clerk of court offices of the U.S. Bankruptcy Court.

Under Chapter 11 of the federal bankruptcy code, a company is protected from claims by creditors while it attempts to reorganize its finances under a plan approved by the court. In a Chapter 7 liquidation, a court trustee sells assets to pay creditors' claims. The company then ceases operations.

The three partnerships also were the subject of foreclosure papers filed earlier in the month in Montgomery County Court by a trustee. SDI Headquarters owns a building at 7500 Lindberg Dr., Gaithersburg, and the foreclosure papers alleged the limited partnership owed $2,316,513.75 to Maryland National Bank (MNB). Lot 5 Block B Associates owns a building at 7510 Lindberg Dr., and owed $2,116,304.51 to MNB, the foreclosure papers said. Sunshine owns Sunshine Shopping Center at 22305 Georgia Ave., Brookeville, and owed MNB $1,275,773, the papers said.

Carey's Cleaners Inc. of 7738 Annapolis Rd., Lanham, filed for Chapter 11 reorganization Aug. 24. The firm listed some of its liabilities, which totaled about $250,000.

The American Bookworm of 7770 Gunston Plaza, Lorton, on Aug. 27 filed for Chapter 7 liquidation. The bookstore listed assets of $82,077 and liabilities of $142,102.

Curtis Enterprises of P.O. Box 861, Stafford, on Aug. 23 filed for Chapter 11 reorganization. The real estate development firm listed assets of $1,500,350 and liabilities of $1,058,925, which was a purchase-money security for 167 acres in Stafford County.